Cedi depreciates by 22.1% in March 2023 – BoG
The Bank of Ghana has put the depreciation of the cedi to the dollar at 22.1% as of March 2023.
In its latest Summary of Economic and Financial Data, the Central Bank pegged the cedi at ¢11.104 to one US dollar on the interbank market.
In February 2023, the local currency also lost 22.1% in value to the American greenback, but its depreciation in January 2023 was 20.6%. This was after the earlier estimate of 19.1% depreciation was revised.
Comparing the cedi’s performance in March 2023 to February 2023, the local currency depreciation to the dollar has slowed down drastically..
For the pound and the euro, the local currency lost 23.5% and 23.1% in value respectively in March 2023.
The cedi appears to be faring slightly better on the forex or retail market where it is going for about ¢12.50 to one US dollar.
Cedi may record mixed performance to dollar this week
Earlier this week, some analysts had projected a mixed performance of the cedi against the US dollar.
According to some of them who engaged Joy Business the increased demand for the US dollar will trigger mixed development on the forex market.
Although the Finance Minister’s visit to China on debt restructuring talks and the government’s renewal of coupon payments may improve market sentiment, the analysts believe these are not enough to cause the cedi’s recent gains against the American greenback.
Last week, the local currency also lost 0.20%, 1.16% and 0.95% to the dollar, the pound and euro respectively, on strong corporate demand.